In a charming response, Hutchison Whampoa Ltd shares were bubbling in Hong Kong yesterday as the company announced that managing director Simon Murray has resigned and been replaced by a group director, Canning Fok; Murray resigned to take up another position in the region: the reason for the cheer is that local investors are fed up with the company pouring money into overseas activities, particularly the UK telecommunications cash drain, and hope that the change will lead to a sale of the UK mobile businesses; Far Eastern markets are hot-bed of gossip so reports in the South China Morning Post that Hutchison was already deep in negotiations to sell Hutchison Telecommunications (UK) Ltd to either the Deutsche Bundespost Telekom or Telstra Pty Ltd of Sydney probably need to be taken with a healthy pinch of salt.
